In the spotlight was the stellar debut of China Literature , the online publishing arm of Tencent Holdings Ltd .

The stock rose to as much as HK$100 in early trade, compared with its initial public offering (IPO) price of HK$55 per share, underscoring investor eagerness for tech stocks.

Analysts said the successful IPOs of “New Economy” stocks such as China Literature and Zhongan Online P&C Insurance Co could instil fresh blood into a market traditionally dominated by banking and property giants.

“Tencent has been leading the market higher,” said Stanley Chan, head of research at Emperor Securities Ltd, referring to the benchmark heavyweight that gained over 1 percent to a fresh record on Wednesday morning.

“In addition, more and more ‘New Economy’ stocks are being warmly embraced by investors ...and are gradually changing the market structure.”

Chan said the Hong Kong market still has room to rise, as it has shrugged off fears of additional rate hikes in the U.S, as well as concerns of slower economic growth in China.

Most sectors rose on Wednesday, with tech and consumer sectors both rising roughly 1 percent.